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Trade and Bills Payable
 9 Months Ended
Sep. 30, 2025
Trade and Bills Payable [Abstract]  
Trade and Bills Payable
14.Trade and Bills Payable

 

Trade and bills payable as of December 31, 2024 and September 30, 2025 consisted of the followings:

 

   December 31,   September 30, 
   2024   2025 
Trade payable  $26,317,312   $48,938,192 
Bills payable          
– Bank acceptance bills   57,297,394    68,795,885 
– Letter of credit   1,109,680    702,178 
   $84,724,386   $118,436,255 

 

All the bills payable are of trading nature and will mature within one year from the issue date.

 

The bank acceptance bills were secured by:

 

(i)the Company’s pledged deposits (Note 2) and term deposits (Note 3) ;

 

(ii)

$1.4 million and $1.3 million of the Company’s bills receivable as of December 31, 2024 and September 30, 2025, respectively (Note 4);

 

  (iii) The Company’s buildings (Note 7) and prepaid land use rights (Note 10).